In my experience, a marketing plan always works well for two reasons.
1. It forces you to think about how to market the property and how much money you are willing to spend.
2. For most people, a written plan imposes discipline and psychological pressure to do the things on the plan.
My advice to you is to definitely write a marketing plan. There is nothing complicated about it.
Start Selling Before You Buy
Aside from the well-known phrase, “location, location, location,” there is another popular saying in the real estate industry. It is: “You make your money when you buy, not when you sell.” In other words, buy right, and the profits will follow naturally. To help the process, think about working through a marketing plan on a property before you commit to buying it. If there are any weaknesses, they will become obvious in the marketing plan. You may be able to compensate for them during remodeling, or you may decide to pass on the property and wait for something better.